Sales tax collected within California’s 768 local jurisdictions - including Manteca - were mostly flat for the July, September, and August.
That determination is based on the state Board of Equalization’s November allocations. It means 678 jurisdictions were estimated to have had flat sales as defined by less than a 5 percent loss or less than a 5 percent gain. A final accounting in the next few months will provide adjustments by either giving local jurisdictions more or deducting from future sales tax payments.
It is a good sign given that a year ago California jurisdictions statewide when lumped together experienced a drop approaching 14 percent for July, August and September of 2009. Taxable sales during that three-month period were $115.5 billion for a drop of $20.4 billion over the third quarter of 2008. By comparison last year, Manteca’s sales tax receipts dropped by just 2.4 percent. That was the lowest drop-off of any jurisdiction in San Joaquin County.
City of Manteca Finance Director Suzanne Mallory said a flat-line sales tax performance is what was projected in the city’s financial planning for the current budget year.
Both sales tax and property tax - Manteca’s biggest sources of general fund revenue - have both stabilized to greatly reduce the chance of any additional budget reductions for the current fiscal year. That is unlike the state that has a current fiscal year deficit of over $8 billion just two months after they adopted a working budget.
Manteca for the November allocation will receive at least $654,800 in sales tax advances plus $327,400 in the Measure M half cent sales tax to help fund public safety.
That is based on taxable retail sales of $65.4 million.
The Board of Equalization makes monthly allocations to 768 local jurisdictions based on a formula that includes historical allocations, growth factor adjustments to the base, transfers and audits, and actual cash receipts.
Initial statewide cash receipts from taxable transactions in the third quarter of 2010 indicated a decline of approximately 9.3 percent. A subsequent review of cash receipts for all of the third quarter of 2010 shows an approximate 8 percent decline.
That determination is based on the state Board of Equalization’s November allocations. It means 678 jurisdictions were estimated to have had flat sales as defined by less than a 5 percent loss or less than a 5 percent gain. A final accounting in the next few months will provide adjustments by either giving local jurisdictions more or deducting from future sales tax payments.
It is a good sign given that a year ago California jurisdictions statewide when lumped together experienced a drop approaching 14 percent for July, August and September of 2009. Taxable sales during that three-month period were $115.5 billion for a drop of $20.4 billion over the third quarter of 2008. By comparison last year, Manteca’s sales tax receipts dropped by just 2.4 percent. That was the lowest drop-off of any jurisdiction in San Joaquin County.
City of Manteca Finance Director Suzanne Mallory said a flat-line sales tax performance is what was projected in the city’s financial planning for the current budget year.
Both sales tax and property tax - Manteca’s biggest sources of general fund revenue - have both stabilized to greatly reduce the chance of any additional budget reductions for the current fiscal year. That is unlike the state that has a current fiscal year deficit of over $8 billion just two months after they adopted a working budget.
Manteca for the November allocation will receive at least $654,800 in sales tax advances plus $327,400 in the Measure M half cent sales tax to help fund public safety.
That is based on taxable retail sales of $65.4 million.
The Board of Equalization makes monthly allocations to 768 local jurisdictions based on a formula that includes historical allocations, growth factor adjustments to the base, transfers and audits, and actual cash receipts.
Initial statewide cash receipts from taxable transactions in the third quarter of 2010 indicated a decline of approximately 9.3 percent. A subsequent review of cash receipts for all of the third quarter of 2010 shows an approximate 8 percent decline.
